Cover the professional fees incurred when your tax affairs are reviewed, audited or investigated by the ATO or Australian revenue authorities.
Tax audit insurance helps cover the professional fees and costs incurred when your tax affairs are reviewed, audited or investigated by the Australian Taxation Office (ATO) or other Australian revenue authorities.
An audit does not automatically imply wrongdoing. However, responding to audits, reviews or investigations can be time-consuming, stressful and expensive. Tax audit insurance allows your accountant or tax advisor to manage the process without unexpected out-of-pocket costs. This cover provides peace of mind for business owners, directors and individuals subject to ongoing tax and reporting obligations.
Tax audit insurance is commonly arranged by:
Covers professional fees incurred when responding to ATO audits, reviews or examinations of lodged returns.
Covers investigations by state and territory revenue offices into payroll tax compliance.
Covers professional costs relating to Goods and Services Tax audits or compliance reviews.
Tax Audit Insurance is typically written on a claims-made basis, covering audits, reviews, or investigations first notified during the policy period. It reimburses professional fees incurred in responding to eligible tax authority enquiries.
Annual aggregate limits apply to professional fees, with excesses and sub-limits varying by audit type. Policies can cover multiple related entities under one program, with limits based on turnover and the number of insured entities.
ATO audits can occur randomly, not only due to errors
Professional fees can escalate quickly
Allows advisors to act without cost pressure
Provides peace of mind for directors and owners
Often bundled within management liability policies
Speak with a broker experienced in audit and compliance risk.
Get My Tax Audit Insurance QuoteImportant: Tax audit insurance covers professional fees only. It does not cover tax liabilities, penalties, fines or interest payable to revenue authorities. Coverage varies between insurers and is subject to policy definitions, sub-limits and exclusions. Advice from a Seguro insurance broker is recommended.